General partnerships are legally formed by filing a partnership agreement with the state in which the partnership will be formed.

True or False

Losses on sales between related parties are realized but not recognized

True or False

If a machine (seven-year property) being depreciated using the half-year convention is disposed of during the seventh year, a taxpayer must multiply the appropriate depreciation percentage from the MACRS table by 50 percent to calculate the depreciation expense properly.

True or False

If a taxpayer places only one asset (a building) in service during the fourth quarter of the year, the mid-quarter convention must be used.

True or False